RNS Hotlist: Challenger, East Star, Europa, 88 Energy, 4D, Hydrogen Utopia, Panther, Pennant, Surgical, Tasty, Tern, ValiRx, WANdisco

Hydrogen Utopia International (HUI), a company pioneering non-recyclable waste plastics to hydrogen technology, updated as to the implications of the current invasion of Ukraine by Russia. HUI said its waste plastic to energy plants will produce syngas that could be used as a fuel in its own right, as a gas engine fuel to produce electrical power or to produce methane or hydrogen. This would ameliorate the effects of recent soaring gas prices, and allow commercial suppliers to partly hedge their costs as syngas prices are not affected by open market gas price volatility.

 Panther Metals (PALM) the company focused on mineral exploration in Canada, provided an update for the Coglia Nickel/Cobalt Project in Western Australia. The company said the latest batch of very positive drill assay results have not surprised the technical team in Australia, but this further set of excellent intercepts reinforces its confidence in their ability to deliver value from the drill bit at Coglia.

88 Energy (88E) reported that the Merlin-2 appraisal well has reached Total Depth of 7,334 feet on 22 March 2022 and drilling has now ceased. The Arctic Fox rig has exceeded expectations in terms of drilling performance, with the well reaching TD safely and efficiently. All three Nanushuk targets (N20, N19 and N18) were penetrated during drilling, with Logging While Drilling data and physical cuttings collected throughout the Merlin-2 program.

ValiRx (VAL), a life science company, updated on progress towards the completion of the proposed sub-license of VAL201 to TheoremRx Inc. TheoremRx reports that it continues to make good progress with its financing, however current global macro-economic events have impacted the timelines.  Upon successful completion of the financing by TheoremRx, the first payments to ValiRx under the sub-license are anticipated on or before end-June 2022.

4D pharma (DDDD), a pharmaceutical company, said that in Part B of its signal finding study of MRx0518 in combination with MSD's anti-PD-1 therapy, KEYTRUDA® (pembrolizumab) in patients with solid tumors that have progressed on a prior immune checkpoint inhibitor (ICI), the renal cell carcinoma group has met its primary efficacy endpoint ahead of enrollment completion.

Pennant International Group (PEN), a provider of training technology, provided an update. The contract for the Major Programme has now been formally awarded to Pennant by Boeing Defence United Kingdom Limited. The contract value is £8.8 million and, being an 'engineered-to-order' programme, the associated revenue will be recognised over the next three years on a 'cost-to-complete' basis.

Tern (TERN), the company focused on value creation from Internet of Things, noted that Wyld Networks AB has announced that it has received a purchase order for its Wyld Connect IoT module from a Brazilian company for deployment in the forestry sector.  The purchase order has a total value of SEK 11.3 million (approximately £900,000) over a three-year period, starting in 2022.

East Star Resources (EST), the Kazakhstan-focused gold and copper explorer, announced its results for the period from incorporation on 17 November 2020 to 30 November 2021. The company said 2021 saw the company admitted to the main market. Shortly after listing, it secured an agreement to acquire DVK, a company which has secured highly prospective licences in Kazakhstan - a country which has ideal conditions for mining. The Board believes that 2022 will be a year of significant growth.